SolarSquare Raises USD 53 Million in B Capital-led Series C Round

SolarSquare, a residential solar brand, has raised USD 53 million in a series C round. B Capital led the funding round while existing Lightspeed doubled down on its investment.

Elevation Capital, Lowercarbon Capital, Rainmatter by Zerodha and Good Capital also returned to participate in the round. This round takes the total capital raised by the company to more than USD 100 million.

Founded in 2015 by Neeraj Jain, Nikhil Nahar and Shreya Mishra, the company sets up residential solar panels across India. It also manages the entire customer journey: from initial consultation and system design to installation, financing support, and long-term maintenance. According to the company, residential solar breaks-even in less than 5 years.

India has an estimated 70 million viable residential rooftops in India. Residential solar penetration, even with recent growth, remains at less than 5%, compared to 35% in Australia, 15% in Germany, SolarSquare adds.

Since inception, SolarSquare has covered nearly 50,000 homes across the country and is currently run-rating over INR 1000 crore in revenues.

The fresh capital will be used to accelerate  geographic expansion into new cities, deepen SolarSquare’s technology capabilities, hire talent and scale the platform to further capitalize. 

“Five years ago, we made a conviction-led bet that every Indian home will be powered by rooftop solar. At the time, residential solar was still very nascent, with barely 1 Lac homes going solar per year. Today, the  category has inflected with 1 Lac homes adopting solar every 10 days in India. And we want to build the operating system for this energy transition in India – with solar installation solutions, after-sales, financing, battery solutions, home energy management. This capital will allow us to accelerate that vision.” said Mishra, Co-Founder & CEO, SolarSquare said in a statement.

“India’s energy transition will not be won on the grid alone, it will be won home by home, city by city. At B Capital, we’ve studied residential energy across markets for years, and SolarSquare combines category leadership, best-in-class unit economics, and a proprietary technology and asset-management layer that compounds with every install. What drew us in is the quality and tenure of the founders, a team that has spent a decade patiently building category infrastructure and layering in future growth levers in financing and battery storage. India’s drive toward energy independence is a once-in-a-generation tailwind, and we believe SolarSquare is best positioned to become the national brand symbolic of that transition – and a generational Indian company,” said Karan Mohla, General Partner, B Capital.

Before this, the solar startup had raised USD 40 billion in Series B funding round in December 2024. Earlier, the startup had raised USD 19.5 million across three funding rounds, backed by angel investors such as Meesho Vidit Atrey and Sanjeev Barnwal, NoBroker’s Amit Agrawal, Saurabh Garg, and Akhil Gupta, UrbanLadder’s Ashish Goyal, Paytm’s Vijay Shekhar Sharma, and others.

The company competes with similar companies operating in residential solar panels like Godrej, Glow, Mysun, Oorjan, Freyr Energy, and Zunroof.